Addressing the nation on the economy on Sunday night, the President said the move, in addition to a stable currency, would, “halt the escalation of fuel prices and bring relief to us all.”
There has been a continuous rise in prices of petrol and diesel at the pumps since the beginning of year.
Currently, petrol and diesel are selling at an average GHS13.10 and GHS15.99 respectively.
In the beginning of the year, petrol and diesel was trading at an average GHS 6.8 and GHS7.0 respectively.
“I know that the increasing cost of living is the number one concern for all of us.
It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency.
I know that this is putting intolerable pressure on families and businesses,” he said.
Meanwhile, the Institute for Energy Security (IES) has projected that the price of diesel may cross the 20 Cedis mark in the next pricing window, which will commence on Tuesday, November 1, 2022.
“In IES’ estimation, Gasoil’s price per litre is set to break the GHS20.00 mark, with a gallon price possibly going for GHS90.00 on the market.
Gasoline price may also inch close to GHS18 per litre by mid-November 2022,” it said in its review of the October 2022 Second Pricing Window.
The IES blamed the projected increment on the “significant” depreciation of the Cedi and the “appreciable” increase in the price of diesel on the international market.